Latest news with #CDL
Straits Times
3 days ago
- Business
- Straits Times
DBS hits record high above $47; CDL up after director Philip Yeo announces resignation
Find out what's new on ST website and app. More than 4.2 million DBS shares changed hands on July 18, the day the bank was named World's Best Bank by Euromoney for the third time since 2019. SINGAPORE – Shares of DBS Bank crested an all-time high of $47.05 on July 18 before ending the week slightly lower at $46.99. More than 4.2 million DBS shares changed hands that day, when Singapore's largest bank was named World's Best Bank by Euromoney for the third time since 2019. Just a day earlier, on July 17, RHB analysts in a research report reiterated their 'buy' call on DBS with a $47 target price. However, they also warned of increased share price volatility for DBS, citing the bank's large loan book and the elevated valuation of its shares compared with their book value. Another stalwart of the Straits Times Index, City Developments Limited (CDL), jumped 6.3 per cent on July 16, following news that long-serving director Philip Yeo would step down from the board. The veteran former civil servant's last day with CDL will be July 31. The move marks a turning point in the uneasy stalemate between chief executive Sherman Kwek and his father, Mr Kwek Leng Beng, with whom Mr Yeo had been aligned in a feud on board composition and corporate governance. Top stories Swipe. Select. Stay informed. Singapore Priority for singles, higher quota for second-timer families to kick in from HDB's July BTO exercise Singapore Both Bukit Panjang LRT disruptions in July linked to newly installed power system: SMRT Singapore 1 in 3 vapes here laced with etomidate; MOH working with MHA to list it as illegal drug: Ong Ye Kung Asia Johor Bahru collision claims lives of e-hailing driver and Singapore passenger Sport Arsenal arrive in Singapore for pre-season matches with AC Milan and Newcastle Business Crypto exchange Tokenize to shut down Singapore operations Singapore More initiatives and support for migrant community announced at Racial Harmony Day event Singapore ComfortDelGro to discipline driver who flung relative's wheelchair out of taxi Observers said the move could be a step towards unlocking greater shareholder value as the younger Mr Kwek will be able to chart the company's direction more assertively. CDL's shares closed on July 18 at $5.90, up 8.7 per cent through the week. Centurion reveals plans for new Reit Shares of Centurion Corp closed the week at $1.73, down more than 6.4 per cent from the all-time high of $1.85 on July 14. The accommodation provider last week moved ahead with plans to list a real estate investment trust (Reit) on the Singapore Exchange (SGX) mainboard. It announced on July 14 the name of the Reit – Centurion Accommodation Reit – and an initial portfolio of 14 properties that Centurion will divest from its books as the Reit sponsor. The portfolio will comprise five purpose-built worker accommodation assets in Singapore, eight purpose-built student accommodation assets in Britain and one in Australia. A new upmarket student accommodation property will be added to the Reit as its 15th asset once it is ready for occupation, bringing the total portfolio value to $2.1 billion. Centurion Accommodation Reit's listing is still pending approval by SGX and the Monetary Authority of Singapore. Phillip Securities Research's Chong Yik Ban told The Straits Times the Reit would need to offer a target yield of 7.3 per cent to 7.7 per cent to be attractive to prospective investors. This is because Singapore banks pay an average dividend yield of about 6.7 per cent, and investors would demand a higher yield for the additional risk they take to buy a newly listed Reit. Mr Chong noted that newly listed NTT DC Reit, which comprises data centre assets and is backed by Japanese telco giant NTT, has forecast an annualised yield of 7.5 per cent for the nine months from July 1, 2025, to March 31, 2026. This sets a benchmark for Centurion's new Reit, in which it will hold a 35 per cent to 40 per cent stake, to meet or exceed. Mr Chong said the new Reit is potentially capable of achieving similar yields. Based on projections, Centurion aims for the Reit to distribute 100 per cent of its annual distributable income from the listing date until 2027. Lim & Tan Securities' Chan En Jie told ST that investors will most likely look out for attractive returns and stable payouts from each Reit unit when evaluating their options in an environment where interest rates are falling. He noted that the growth in workers' dormitories reflects the robust construction demand expected in Singapore over the next few years. But Mr Chong warned that if tightened, student visa restrictions could hurt demand for student properties in the Reit. Aviation, offshore and marine counters rally Shares of Singapore Airlines gained 2.2 per cent over the week to close at a one-year high of $7.44. The carrier posted its June operating results earlier in the week, reporting a 4.5 per cent year-on-year increase in passenger traffic. The growth outpaced the expansion in passenger capacity, buoyed by the start of the summer travel season and Singapore's mid-year school holidays. Shares of in-flight caterer and ground-handling company Sats as well as SIA Engineering, which provides aircraft maintenance, repair and overhaul, also rose. Sats closed on July 18 at $3.27, up 4.8 per cent through the week, while SIA Engineering closed at $3.34, up 3.1 per cent over the same period. Offshore engineering giant Seatrium, meanwhile, surged 12.8 per cent, closing the week at $2.38. The company has started to deliver the first of six floating production storage and offloading vessels to Brazilian state-owned oil company Petrobras. Other offshore and marine stocks also saw strong gains. Vessel operator Marco Polo Marine surged more than 20 per cent to 5.5 cents a share for the week, its highest in more than five months, with over 160 million shares changing hands on July 18. Mermaid Maritime is also up, rising 9.6 per cent through the week to close at 13 cents. CH Offshore rose 20 per cent to 1.8 cents last week after completing its rights issue. In a July 18 report, Lim & Tan analysts noted that the vessel operator is 'extremely undervalued', making it an 'ideal privatisation candidate'. Other market movers NTT DC Reit ended its first week of trading on a weak note, as investors weighed its costly artificial intelligence ambitions against an uncertain outlook amid ongoing tariff concerns. While the Reit's public offer, the largest on the SGX in a decade, was 9.8 times oversubscribed, its units ended flat at US$1 (S$1.29) on their July 14 debut. They closed the week at 95 US cents, down by almost 6 per cent. In contrast, China Medical System surged 11.2 per cent to close at $2.28 on its July 15 debut, up from an initial offer price of $2.05 for the secondary listing of the Hong Kong-listed pharmaceutical firm. Home-grown fabricator BRC Asia announced after the market close on July 14 that it had secured $570 million worth of contracts for Changi Airport Terminal 5. Its shares surged to $3.71, climbing more than 11 per cent from the start of the week. Semiconductor firm Frencken also posted a strong performance, with its stock peaking at $1.49 during the week before settling at $1.45 on July 18, its highest since announcing plans in June for a larger facility in Kaki Bukit. Shares of PC Partner, seen as a proxy for US-listed Nvidia, rose 13.7 per cent through the week to close on July 18 at $1.33. PC Partner, which is also listed in Hong Kong, distributes electronics that use Nvidia graphics cards. Nvidia shares are trading at an all-time high above US$174 after the company said on July 16 it expects to resume sales of its less-advanced H20 artificial intelligence chips to China after a three-month pause. What to look out for this week Property revitalisation firm Lum Chang Creations is expected to start trading on July 21 on Catalist. A total of one million shares offered to the Singapore public at 25 cents each were 47.3 times oversubscribed. The company raised total gross proceeds of $12.25 million from the offering, resulting in a market capitalisation of $78.75 million. UOB Kay Hian has initiated coverage on the company with a buy call and a target price of 39 cents.
New Straits Times
5 days ago
- New Straits Times
MOT: Tour bus in Gerik crash operated illegally using another firm's permit
KUALA LUMPUR: The tour bus involved in the fatal crash in Gerik was found to have been operating illegally under a permit registered to another company unrelated to the incident. According to a preliminary report released by the Transport Ministry today, the bus was operated by Noreen Maju Trading, which did not hold a valid licence or permit under the Land Public Transport Act 2010. The report revealed that the permit belonged to Kenari Utara Travel & Tours Sdn Bhd, the legitimate licence holder. However, documents and witness statements showed the permit had been unlawfully used by a third party through an unauthorised leasing or transfer arrangement—an offence under Section 49(1) of the Act. The breach was confirmed by enforcement action from the Land Public Transport Agency (Apad), which found that Noreen Maju Trading had conducted operations outside the legal framework. Separately, the report highlighted further irregularities involving Nuratiqah Travel & Tours Sdn Bhd, a company with no direct link to the bus. An exemption application for a tour bus driver was submitted by the company, but investigations found the name provided did not match the person behind the wheel on the day of the incident. Preliminary checks confirmed that the driver named in the permit held a valid Competent Driving Licence (CDL) and Public Service Vehicle (PSV) licence. However, the report did not state what the exemption was for. It said the application was approved via the Tourism, Arts and Culture Ministry's (Motac) online system without verifying the submitted details or the applicant's link to the operation, resulting in regulatory approval for an unauthorised operation. The report added that the actual driver did not possess a valid CDL or PSV licence, which it says is worrying. "This failure reflects weaknesses in the operator's driver selection, verification, and deployment system, and also indicates a potential systemic breach of licensing conditions and reporting requirements to the regulatory authorities." The report concluded that such practices reflected serious compliance failures and undermined governance integrity within the tourism public transport sector. On June 9, a tour bus carrying 42 Universiti Pendidikan Sultan Idris (UPSI) students from Jerteh, Terengganu, to Tanjung Malim, Perak, collided with a Perodua Alza MPV along the East-West Highway (JRTB) near Tasik Banding, Gerik. Fifteen students were killed in the crash. Transport Minister Anthony Loke later announced on June 11 that all permits held by the tour bus operator involved in the crash were
Yahoo
7 days ago
- Automotive
- Yahoo
Werner loses again on issue of deaf driver, but dollar amounts are a lot lower
Werner Enterprises has lost on appeal in a case that at one point saw it facing a $36 million penalty for not hiring a deaf driver–later reduced by a federal court–who had gone through a company training program. The financial stakes in the case brought by the Equal Employment Opportunity Commission under the provisions of the Americans with Disabilities Act are now about $335,000, a far cry from a jury's decision in 2023 to award deaf truck driver Victor Robinson about 107 times that figure. The unanimous decision last week from an Eighth Circuit Court of Appeals three-judge panel fully affirmed all the September 2023 decisions from both a jury trial in the U.S. District Court for Nebraska and later decisions handed down from the bench over post-trial motions. The affirmation includes a reduction in the original punitive damages awarded by the jury. That reduction came after the court ruled that EEOC awards are capped at $300,000. The EEOC was the plaintiff in the case on behalf of Victor defendants along with Werner (NASDAQ: WERN) included Drivers Management LLC, which is Werner's training subsidiary. Werner made several points on appeal, all of which were rejected by the appellate court. A recap of the case in the recent appellate court decision noted that Robinson had a 'medical variance' from the Federal Motor Carrier Safety Administration (FMCSA). That waiver is needed for a deaf driver to obtain a CDL. It was obtained in 2015. With the variance in hand, Robinson enrolled in Roadmaster, the driving school owned by Werner. His training involved not just a regular trainer but also an interpreter for the deaf, 'who communicated with Robinson from the backseat of the vehicle throughout the process,' according to the court's recap of the case's history. In September 2016, Robinson completed the training and received his CDL. But soon after, according to the recap of the case by the appellate court, Werner Vice President of Safety and Compliance Jamie Hamm told him on a call, 'I'm sorry, we can't hire you because of your deafness.' The call took place, according to the court, after Robinson had been told he had been preapproved for employment by recruiter Erin Marsh in an email. After calling Marsh–using a relay service for the phone call–the two talked about, according to the court, ''the job, the orientation, providing interpreting services,' and other general matters.' The district court's decision in January 2024 to award back pay to Robinson of about $35,000 lists several driving jobs Robinson had after not being hired at Werner, none of which lasted very long; only one, with Stan Koch Trucking, reached 12 months. Other jobs on his record included with J.B. Hunt (NASDAQ: JBHT) and U.S. Xpress, now part of Knight Swift (NYSE: KNX). The roughly $335,000 award is a combination of the punitive damages, capped at $300,000, and the backpay. In a May 2024 series of decisions on post-trial motions in the case, the district court summed up the basis for the jury's decision against Werner. 'The jury determined that Robinson was qualified to perform the job to which he applied, he could have safely performed the essential functions of the job with a reasonable accommodation, and Werner's refusal to hire Robinson was not based on business necessity,' District Court Judge John Gerrard wrote. There were multiple issues raised by Werner in its appeal over events in the trial. They included the question of 'causation' and whether Robinson's dismissal was because of his deafness; whether Robinson's overall driving record (which included several accidents) could be introduced to the jury; Werner objections to the admission of emails sent between Werner executives on the decision-making to deny Robinson employment; whether hiring a deaf driver would provide 'undue hardship' for Werner; and whether the FMCSA waiver meant Werner could not deny Robinson employment on the basis of his deafness. Ultimately, the appellate court did not side with Werner on any of the points made in its appeal. An email to Werner seeking comment had not been responded to by publication time. More articles by John Kingston At a conference of mostly green investors, AlFleet pushes marriage of AI and trucking Another broker liability case knocks at Supreme Court door, this one involving C.H. Robinson XPO rating cut by S&P, agency cites continuing weak freight market The post Werner loses again on issue of deaf driver, but dollar amounts are a lot lower appeared first on FreightWaves.
Business Times
16-07-2025
- Business
- Business Times
Singapore shares rise to new high; STI up 0.3%
[SINGAPORE] Shares on the Singapore bourse closed higher on Wednesday (Jul 16), marking the third straight day the benchmark Straits Times Index (STI) hit a new high. Other regional markets ended lower, amid signs of rising US inflation that is dampening investor sentiment. The STI rose 0.3 per cent or 12.43 points to close at 4,132.25 – just shy of its intra-day peak of 4,132.41. Across the broader market, advancers outnumbered decliners 384 to 178, with 1.5 billion securities worth S$1.3 billion traded. The top gainer on the benchmark index was City Developments (CDL) , which rose 6.3 per cent or S$0.35 to S$5.92. The property developer's shares surged on Wednesday after it announced that its board director Philip Yeo, who had backed executive chairman Kwek Leng Beng in his boardroom battle against his son, would be retiring. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The biggest decliner was CapitaLand Integrated Commercial Trust . The counter fell 1.4 per cent or S$0.03 to S$2.19. The trust was also the most actively traded counter by volume, with 27.3 million units worth S$59.8 million traded. Regional bourses mostly ended Wednesday lower. Japan's Nikkei 225 was down 0.04 per cent, and South Korea's Kospi was down 0.9 per cent. Australia's ASX 200 fell 0.8 per cent, and Hong Kong's Hang Seng Index fell 0.3 per cent. Their performance follows Tuesday's release of figures showed that the US consumer price index – an indicator for inflation – had risen 2.7 per cent year on year in June, up from 2.4 per cent the month before. Alvin Liew, senior economist at UOB, said that the higher consumer price index figures for June show 'clearer marks of tariff-induced price increases'. However, he expects the US Federal Reserve to remain patient in cutting interest rates amid uncertainty over the impact of US tariffs. UOB continues to hold the view that there would be three rate cuts of 25 basis points each in September, October and December.
Business Times
16-07-2025
- Business
- Business Times
Five things about Philip Yeo, former EDB chairman and outgoing CDL director
[SINGAPORE] Veteran public servant and economic heavyweight Philip Yeo made headlines on Tuesday (Jul 15), when news broke that he was retiring from City Development Limited's (CDL) board of directors. This comes some months after a high-profile dispute between the property developer's executive chairman and group chief executive officer. Yeo, 78, will leave the board of CDL on Jul 31, after a 16-year tenure. His prolific career spans more than four decades of public service – as detailed in the 2016 biography Neither Civil Nor Servant: The Philip Yeo Story – including as the chairman of Singapore's Economic Development Board (EDB). Once dubbed by the media as the 'economic tsar of Singapore', Yeo has been credited with building up the Republic's economy. Beyond public service, his private-sector appointments include seats on the boards of more than 20 companies, including Malaysian conglomerate Sunway and Singapore-listed groups Indofood Agri Resources and QAF , the food manufacturer and distributor behind the Gardenia brand of bread. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Here are five things to know about Yeo. 1. He had an early interest in engineering Growing up, Yeo attended St Joseph's Institution. There, he led the aero-modelling club, spending time – in his own words – 'making, flying and crashing model planes'. This interest carried on to university, where he studied industrial engineering at the University of Toronto in Canada on a scholarship. He also had an appetite for the written word early on, and he cites reading as his sole hobby from childhood. After his graduation in 1970, he joined the civil service. While the Public Service Commission posted him to the Ministry of Finance's Budget division, he requested to be transferred to an engineering role – which landed him in the Ministry of Defence (Mindef). 2. He spent four decades in public service From 1970 to 1985, Yeo took on various roles in Mindef, including permanent secretary for logistics, defence research and development (R&D), and defence industries. From 1981 to 1987, he chaired the National Computer Board, a forerunner of the Infocomm Media Development Authority. He served at EDB between 1986 and 2006, as executive chairman and, later, executive co-chairman. He was also chairman of the Agency for Science, Technology and Research from 2001 to 2007, and a special adviser for economic development in the Prime Minister's Office from 2007 to 2011. In an open letter to public service officers, Yeo reflected on his extensive career and described his time in public service as memorable and fun. 3. He helped create Jurong Island Yeo steered EDB from established fields to new business areas of internationally exportable services and high-tech industries during his time there. Among his contributions were the development of Singapore's information technology, semiconductor, chemical industries, and biomedical sciences sectors. He also led the construction of the Republic's chemical cluster, as well as the creation of Jurong Island, which involved reclaiming seven islands. The man-made island off Singapore's south-western coast is a 3,000-hectare chemical production centre, where more than a hundred international companies conduct refining, production and chemical manufacturing activities. It has drawn more than S$50 billion in investments since it opened in 2000. 4. He built up the biomedical scene Yeo is also credited with building up Singapore's biomedical sector. He spearheaded the development of Biopolis, an R&D campus that brings institutes, researchers and private-sector players together. The complex, which opened in 2003 in one-north, put Singapore's biomedical sector on the map by attracting international talent – in turn enriching the domestic research community for biomedical sciences. Yeo recruited top researchers from around the world to work at the hub. He also had 1,000 PhD candidates in fields such as biomedical science, physical science, and engineering trained locally and abroad. 5. He backed chairman in CDL dispute Yeo was appointed to CDL's board as a non-independent director on May 11, 2009. In a public feud this year, Yeo took the side of CDL executive chairman Kwek Leng Beng against his son Sherman Kwek, who is the group's CEO. On Feb 26, the elder Kwek accused his son and a group of directors of an 'attempted coup' as well as corporate governance lapses after they hastily appointed two new directors to the board earlier that month. These directors were Jennifer Duong Young and Wong Su-Yen. In response, the younger Kwek said that the primary reason for the dispute was 'a very serious issue of corporate governance' involving Dr Catherine Wu, an adviser to his father. He added that Dr Wu had a 'long relationship' with the CDL executive chairman, interfered with matters beyond her scope, and wielded 'enormous influence'. The conflict escalated with father and son gearing up to meet in court, as the younger Kwek roped in top litigator and Senior Counsel Davinder Singh to represent him. The matter was subsequently settled after Dr Wu resigned from her role as an adviser to CDL unit Millennium & Copthorne Hotels. Kwek Leng Beng dropped his lawsuit on Mar 12, saying that all board members had agreed to set aside their differences, purportedly for the greater good of the company. However, signs of lingering conflict remained at CDL's annual general meeting on Apr 23. There, Yeo urged shareholders to reject the re-election of four directors – including Young and Wong. Although his call received applause, the resolutions were all passed. In its bourse filing on Jul 15 announcing Yeo's retirement, CDL said there were no unresolved differences in opinion on material matters between Yeo and its board of directors.
